Give back and get back

Give back and get back

Lori Luke
General Manager, Acorn Foundation
15 February 2019

It feels like 2019 has barely started, and here it is February already! The end of the fiscal year will come around before we know it. At Acorn Foundation —and at the other 15 local Community Foundations around New Zealand—we are working to remind our local people that a living giving donation to the community before 31 March will be eligible for a 33.33% tax credit.

Here’s a quick guide on how to access a tax credit for donations:

  • Make a one-off gift or engage in regular giving through an A/P before 31 March.
  • File tax credit claim form (IR526) for the relevant tax year from April of the following year.
    1. You must have earned taxable income from any source during the year.
    2. You must have resided in New Zealand during the year.
    3. You must file as an individual, not a company, trust or partnership

Hint: If you have missed filing tax credit forms for donations made in past years, the IRD will let you go back up to four years, for tax years 2015 through 2018 (see further details on the IRD website).

Here in the Western Bay of Plenty, most of our 320 endowment funds are held by people who are still alive. More and more, our incredibly generous donors are beginning to build their funds during their lifetimes. So many of them receive tremendous satisfaction by seeing the benefit of their contributions at work in our community.

Our donors support the Western Bay in all sorts of ways, from:

  • funding scholarships for Outward Bound, Dale Carnegie, tertiary education and international travel;
  • providing excellence awards for fiction writing, performing arts, creative arts and sports;
  • honouring children they lost much too soon by supporting causes that would have been meaningful to them;
  • and by working with the Acorn Foundation to find just the right local cause that matters most to them.

Because in the end, people give to causes for which they have a passion; the 33.3% tax credit just provides a really nice incentive to act before 31 March, and it makes your giving go further.

Contact your local Community Foundation today to discuss giving options and tax credits